Business Strategies for Increasing NFC Payment Adoption among Merchants

Authors

Abhijith Vijayakumar Binsu

Abstract

This paper investigates the factors influencing the adoption of Near-Field Communication (NFC) payment systems among merchants, focusing on challenges such as cost, complexity, and resistance to change. It analyzes current adoption trends, examines merchant and consumer perspectives, and explores the role of policy and regulation. The paper identifies key strategies for increasing adoption, including providing merchant incentives, conducting consumer education campaigns, fostering strategic partnerships, and ensuring seamless integration of NFC solutions. By addressing these challenges and leveraging emerging opportunities, stakeholders can accelerate the widespread adoption of NFC payments, transforming the way consumers and businesses conduct financial transactions.

Keywords

NFC Payment Adoption, Merchant Adoption, Contactless Payments, Point-of-Sale (POS) Systems, Mobile Payments, Small and Medium Enterprises (SMEs), Payment Technology

Business Strategies for Increasing NFC Payment Adoption among Merchants. Abhijith Vijayakumar Binsu. 2021. IJIRCT, Volume 7, Issue 6. Pages 1-8. https://www.ijirct.org/viewPaper.php?paperId=2501007